Common use of Management Term Clause in Contracts

Management Term. This Agreement shall commence upon the consummation of an acquisition by the Company, through a purchase, asset acquisition or other business combination, of one or more commercial real estate properties and/or assets, including by acquisition of an operating company (the “Effective Date”) and, unless sooner terminated as provided herein, shall thereafter continue for a consecutive twelve (12) month period. Unless either party elects not to renew this Agreement by written notice to the other no later than thirty (30) days prior to the end of any current term, this Agreement shall be automatically renewed for successive terms, each with a duration of one year unless otherwise terminated, as set forth below. Notwithstanding the foregoing, at any time during the management term, Owner and Manager shall each have the absolute right and power to terminate this Agreement, with or without cause, upon sixty (60) days’ prior written notice to the non-terminating party. Owner shall have the absolute right to immediately remove Manager from any or all of the Properties upon delivery of said sixty (60) day notice; however, unless terminated for cause as set forth below, Manager shall be entitled to receive a Management Fee for the subsequent sixty (60) day period consistent with the terms and conditions set forth in Section 2.2 below.